Royal & Sun Alliance announced it is selling sell its UK life insurance business to Resolution Group for $1.5 billion in a cash and stock deal.
UK-based Royal & Sun Alliance said it will focus on its core general insurance business and strengthen its capital position, following this transaction.
Chief Executive Officer Andy Haste said that the proposed deal represents a “clean exit” of the company from the UK life insurance business.
Resolution Life Group is an insurance holding company providing a run-off solution for blocks of UK life policies. Its shareholders include FF&P Assets Management; The Prudential Assurance Co. Ltd.; The Royal London Mutual Insurance Society Ltd.; The Standard Life Assurance Company and Nikko Principal Investments.
The transaction is likely to close by the end of October, following the required regulatory and shareholder approvals.
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